BMGT 350 Chapter Notes -Revamp, Reference Group, Financial Risk

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Roxanne Leftkoff

Document Summary

Need recognition: result of an imbalance between actual and desired states (1st stage) Want: recognition of an unfulfilled need and a product that will satisfy it. Need recognition is triggered when exposed to stimulus: any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing: make want-got gap big enough that consumers buy it (advertising) Internal: stomach growling / external: influence of outside source (color, design) Marketers need to understand the target markets needs to provide the services they want. Internal info search: process of recalling past information stored in the memory (choose a hotel you have stayed at before) External info search: process of seeking info in the outside environment. Nonmarketing controlled info source: product info source that is not associated with advertising or promotion (personal experience, family/friends, and public sources [rotten tomato]) Done a lot through the internet today.